National

Residents React: “It’s Going To Be A Big Blow For Us”

NASSAU, BAHAMAS – It’s official, the NIB rate increased by 1.5 percent starting July 1. But how do residents feel about the increase?

Published

2 years ago

July 1, 2024

Marlena Leonard

NASSAU, BAHAMAS – It’s official, the NIB rate increased by 1.5 percent starting July 1. But how do residents feel about the increase?

Last year, the government warned the public that contribution rates to the National Insurance Board are going up by 1.5 percent in an effort to save the NIB fund from depletion.

This gentleman, who wished to remain anonymous, called it a necessary evil. Some residents are seemingly apathetic, saying there’s nothing that can be done. When asked if they feel it could put more of a financial strain on Bahamian families, Mervin Jones, a retired contractor, said it’s possible but necessary.

There has also been some concern over employers feeling the need to cut down on the number of employees as a result of the increase. One resident said she doesn’t feel that would help business owners. Another gentleman is worried about that potential outcome.